Bitcoin has become the most dominant cryptocurrency on the market right now. Reports state that its network has over 5 million users. Moreover, this cryptocurrency has had a fantastic year in 2021 as it managed to reach heights like never before.
First, it broke the 2017 record in value after it topped $20,000, and then it managed to become more valuable than gold as it crossed $63,000. What’s even more interesting is that experts firmly believe that Bitcoin will continue to rise in the upcoming years.
The first prediction concerns late-2021 and early 2022 as analytics show that Bitcoin can rise as high as $100,000. Not only that, but after the 2024 and 2028 halving events end, it is predicted that Bitcoin will hit $500,000 in 2030. Finally, the furthest projection concerning this cryptocurrency is that it will finally break the $1 million barriers in 2037.
As you can see, it seems like nothing will stop Bitcoin from its rise to the top. That is the topic that we wanted to discuss in this article. We are going to take a look at the reasons why Bitcoin will continue to rise in the future. Without any further ado, let’s check the details.
More And More People Are Interested In It
First of all, the interest in Bitcoin will continue to rise, which is good as its infrastructure will grow. In 2021, it is reported that thousands of new traders register to its network. Some like to use Bitcoin as a payment method, while some are in it for profit.
Those that want to profit off this cryptocurrency now have trading sites at their disposal, and these platforms provide them with great services. Let’s take Bitcoin Profit app as an example. After you register and verify your account at this site, you will be free to use its advanced AI system that collects all relevant data about Bitcoin from the market. With the data, the system makes accurate predictions on its future fluctuations.
While these services do not guarantee you a profit, they increase the chances of making it. General fees at trading sites are also extremely low.
Institutional Interest is High
Apart from having massive interest from the public, Bitcoin has a high institutional interest as well. That means that many companies, including global brands, are accepting it as a payment method. Some of those global brands are Microsoft, Shopify, Expedia, Overstock, and Whole Foods.
After all, Bitcoin is superior to regular payment methods as it provides users with a certain level of online anonymity, which increases their security, instant transactions, and lower fees. These benefits also suit companies as the payment process is far more efficient.
And if that is not enough, countries are becoming far more lenient towards it, and that trend is likely to continue in the future. Nations such as Canada, the USA, as well as countries from the EU are allowing Bitcoin to prosper, while El Salvador recently became the first nation in the world to make Bitcoin a legal tender.
Bitcoin Becomes Scarcer Each Year
Finally, when Bitcoin was created in 2008, it was stated that it was limited to 21 million units. As time went on, Bitcoin became scarcer. The rule on supply and demand here is simple, and it applies to Bitcoin as well. If the supply is higher than the demand, then the product will be cheap. But if it’s the other way around, then the price will go high. Considering the fact that the demand for Bitcoin keeps increasing while the supply runs out, it is easy to conclude why it will continue to rise in the upcoming years.
Just a reminder, research shows that 99% of all Bitcoins will be mined by 2032.